Is the wording, "O Allah, grant peace and blessings upon our Master Muhammad—a prayer that pleases You and pleases him, and a prayer through which You are pleased with us, O Lord of the Worlds," correct when invoking blessings upon the Prophet?

There is no harm in invoking blessings upon the Prophet, peace and blessings be upon him, with this wording, as your blessings are presented to him, peace and blessings be upon him, and he is pleased with them. Allah has commanded us to invoke blessings upon His Prophet, and the reward for anyone who invokes blessings upon him once is that Allah will invoke blessings upon them ten times. The best form of invoking blessings is the Ibrahimiyyah prayer, which the Prophet, peace and blessings be upon him, taught to his companions, because it encompasses the best attributes.